myZoi

Financial inclusion fintech for migrant workers in the UAE

Overview
myZoi is a Standard Chartered subsidiary and fintech company based in the UAE, incubated by SC Ventures. The company focuses on driving global digital financial inclusion for underbanked communities, specifically targeting low-income migrant workers.
Company Details

Parent Company: Standard Chartered Bank (wholly owned subsidiary)
Backing: SC Ventures (Standard Chartered's tech investment arm)
Location: United Arab Emirates
Regulatory Status: Approved by Central Bank of the UAE
Funding: $14 million raised from Standard Chartered Ventures
Founded: 2021 (following research journey through Southeast Asia, Africa, and Middle East)

Mission
Enable, digitize, and simplify access to essential financial services for over 5 million low-income migrant workers in the UAE and beyond.

Target Audience
Low-income migrant workers in the UAE, primarily from:

India
Pakistan
Bangladesh
Nepal
Philippines

Core Products & Services
For Individual Workers

Digital Wallet

UAE's first inclusive digital wallet
Visa card integration
Salary receipt and management


Money Transfer (Remittances)

Real-time transfers to home countries
One-to-Many feature: Send money to up to 5 people simultaneously (UAE's first)
Transaction costs: Target of less than 3%
Direct settlement partnerships with local banks in core markets


Financial Services

Salary management
Digital payment solutions
Accessible banking for underbanked populations



For Corporate Clients

Digital Payroll Solutions

Fully digitized payroll processing
Instant payroll and fund transfer
Available for companies of all sizes
Secure and compliant platform
No alteration needed to existing payroll processes
Seamless integration



Key Features & Differentiators

Financial Inclusion Focus: Specifically designed for underbanked and low-income workers
One-to-Many Transfers: First in UAE to offer simultaneous transfers to multiple recipients
Low Cost: Targeting remittance fees under 3%
Bank Backing: Credibility and regulatory compliance through Standard Chartered
Direct Partnerships: Established connections with banks in key remittance corridors
Digital-First: Fully digital wallet and payment solutions
Corporate Integration: Easy payroll solutions without disrupting existing systems

Origin Story
Founded in 2021 after the founders journeyed through Southeast Asia, Africa, and the Middle East, engaging directly with underbanked and low-income migrant workers in countries like the Philippines, India, Bangladesh, and the UAE. The company emerged from a mission rooted in compassion and financial empowerment.
Market Position

Industry: Fintech / Digital Banking / Remittances
Market: UAE and key remittance corridor countries
Competitive Advantage:

Major bank backing (Standard Chartered)
Regulatory approval and compliance
Focus on underserved market segment
Integrated corporate and individual solutions
Low-cost remittance model



Social Impact

Addresses financial exclusion of migrant workers
Reduces remittance costs for low-income individuals
Provides accessible banking services
Supports families in home countries through easier money transfers
Digitizes financial access for underbanked communities

Website
https://www.myzoi.com/

Key URLs

About: https://www.myzoi.com/about-myzoi/
Main Website: https://www.myzoi.com/
corporate: https://www.myzoi.com/corporate/
Money Tips: https://www.myzoi.com/money-tips/
Community: https://www.myzoi.com/myzoi-community/
know about myZoi’s impact https://www.myzoi.com/blog/